Colbert Is Gone. What Happens Next to Late Night—and the Emmys?

On May 21, The Late Show With Stephen Colbert finally signed off. It was a long-gestating goodbye, with CBS having announced in July 2025 that the show would be retired permanently after a 33-year run. Though CBS described this choice as “purely a financial decision,” the timing was suspiciously close to that of the merger between Skydance and Paramount, which needed the approval of President Trump’s administration. (Trump was often the subject of criticism on the show.)

Colbert’s…